LEXINGTON, KY. — Capstone Apartment Partners has brokered the $5.4 million sale of Lexington Villas Townhomes, a 152-unit apartment community located at 200 Alsab Court in Lexington. Built in 1972, the property was approximately 60 percent occupied at the time of sale. Denton Floyd Real Estate Group purchased the apartment complex from Alexander Properties Group for roughly $35,461 per unit. Adam Klenk, Andrew Klenk and Alex McDermott of Capstone represented the seller in the transaction.
ATLANTA — Shane Investment Property Group has brokered the $68.5 million sale of a Class B, 392,000-square-foot office building located at 1117 Perimeter Center W. in Atlanta. Built in 1985, the five-story office building is located at the intersection of Perimeter Center West and Mount Vernon Boulevard in Atlanta’s Central Perimeter office submarket. The office building was 90 percent leased at the time of sale. Andy Sutton of Shane Investment represented the buyer, a private foreign investor family, in the transaction.
COLUMBIA, S.C. — Chicago-based MB Financial Bank has provided a $40.3 million construction loan for the development of a 218-unit student housing development near the University of South Carolina in Columbia. The 660-bed property will be located at the corner of Gervais and Harden streets in Columbia’s Five Points district. MB Financial Bank provided the loan to Chicago-based Blue Vista Capital Management. The unnamed developer plans to deliver the asset in time for the fall 2016 semester.
NORTH CHARLESTON, S.C. — New York Life Real Estate Investors has originated a $24.5 million acquisition loan for Ansley Commons, a 270-unit, Class A multifamily community in North Charleston. New York Life provided the loan to the buyer, The Praedium Group. Brian Eisendrath and Steve Heffner of CBRE arranged the loan on behalf of The Praedium Group.
RICHMOND HILL, GA. — Berkadia has brokered the sale of and arranged financing for Ashton of Richmond Hill, a 232-unit affordable housing property located at 505 Harris Trail in Richmond Hill, a suburb of Savannah, Ga. The community’s amenities include a clubhouse, tennis court, volleyball court, picnic area, playground, swimming pool, community laundry room and 24-hour emergency maintenance. Savannah-based Kole Management Co. purchased the property from Ashton Partners GA LLC for $14.7 million. Andrew Mays, Paul Vetter, Mark Boyce and Cole Whitaker of Berkadia brokered the transaction. Berkadia also arranged acquisition financing for the transaction. Lloyd Griffin, Frank Brown and Brett Bennett of Berkadia arranged the $11.8 million Freddie Mac loan with a fixed interest rate of 4.16 percent and a 30-year amortization schedule.
ERLANGER, KY. — NorthMarq Capital has arranged a $10.3 million loan for the refinancing of Donaldson Road Center II, a 258,947-square-foot industrial property located at 1325 and 1335 Donaldson Road in Erlanger. Alstom Power is the anchor tenant at the facility. Susan Branscome of NorthMarq’s Cincinnati office arranged the 10-year loan with a 20-year amortization schedule through an unnamed life insurance company.
RALEIGH, N.C. — Dominion Realty Partners has opened Charter Square, a Class A, 242,969-square-foot office tower in downtown Raleigh. Situated on the south end of Fayetteville Street, the 11-story building is located in the city’s growing technology hub immediately adjacent to the Duke Energy Performing Arts Center, Raleigh Convention Center and Raleigh Marriott City Center. The property opened at 56 percent occupancy with tenants such as Womble Carlyle Sandridge & Rice LLP, HDR Engineers, Industrious, CBRE Raleigh, JDavis Architects, Intelligent Office, Dominion Realty Partners, Yadkin Bank and a restaurant by Eschelon Hospitality. When construction began in spring 2014, the property was 100 percent speculative. Charter Square features a blue glass exterior, outdoor plaza, card access control systems, direct underground parking and on-site security. Dominion Realty Partners teamed up with Prudential Real Estate Investors to develop the office building.
PEMBROKE PINES, FLA. — Suffolk Construction has completed vertical construction on City Center at Pembroke Pines, a 768,042-square-foot luxury apartment community in Pembroke Pines. Situated on a 12-acre lot comprising six residential buildings and two parking garages, the complex will feature a club room with a movie theater and conference spaces, pool deck with cabanas and pavilions, dog park, children’s play area and a fitness center with tennis courts, bocce ball courts and volleyball courts. The project’s design team includes Related Group-Miami, MSA Architects and Vstarr Interiors. This project is the first development within Pembroke Pines’ City Center community.
GREENVILLE, S.C. — Yeargin Potter Smith (YPS) has been selected by developer Croft Co. to construct the 121 Rhett Street Condominium development in downtown Greenville. The property marks the third multifamily residential project for YPS in Greenville; the other two are Stone + Main and LINK Apartments. Construction is underway on the seven-story, 35-unit project, which is located on the corner of Rhett Street and Falls Park Drive. The units will feature 10- to 12-foot ceilings, large windows, balconies and landscaped common areas, and will range in size from 1,300 square feet to more than 3,000 square feet. Atlanta-based Summerour Architects designed the condo project.
RICHMOND, VA. — Capstone Apartment Partners has brokered the $12.3 million sale of Match Point, a 258-unit apartment community located at 5846 Westower Drive in Richmond. Built in 1975, the apartment complex features a swimming pool, tennis courts, picnic areas and grilling stations. Match Point was 92 percent occupied at the time of sale. The buyers, West End Capital and Atlas Real Estate Partners, purchased the asset from Ben White of Commonwealth Realty & Development for roughly $47,674 per unit. Beau McIntosh, Todd Conner and Jared Alcorn of Capstone represented the seller in the transaction.
